Following the latest funding round, Metal Tiger will own just over 62% of the copper exploration business as well as holding a 2% net smelter royalty
Natural resources investor () is ploughing a further US$1.5mln into Kalahari Metals, giving it just over 62% of the Botswana-focused copper explorer.
Metal Tiger will also receive a 2% net smelter royalty over Kalahari’s seven wholly-owned licences.
Any further investment up to US$500,000 must be at least at the same valuation as the current round for the royalties to be maintained.
The cash will be used to fund exploration drilling programmes at the Kitlanya East, Kitlanya West and Okavango projects on the Kalahari Copper Belt.
Metal Tiger chief executive Michael McNeilly said: “In the context of our expectation of an increasing global requirement for copper production, and therefore exploration, we expect the Kalahari Copper Belt to become an increasingly more valuable area to be situated and are delighted to increase our interest in the area.”
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